上海交通大学党委常委、副校长蒋兴浩：全球气候治理进入关键十年，能源体系革命性的重塑已成大势 所趋，如何以科技为刃，以创新为篱，开辟绿色低碳转型的新路径，是时代赋予我们的共同课题。 中国远洋海运集团有限公司科技创新工作本部总经理辜忠东：当前，船用清洁能源的路径仍面临很大的 不确定性，航运脱碳面临着巨大的压力。为此，产学研用深度合作就显得尤为重要。 第一财经常务副总经理杜坚：企业是实现双碳目标的主体力量。越来越多的企业正从"要我减排"转 向"我要减排"，以绿色技术突破，抢占产业变革先机，以碳管理能力提升构筑新竞争力。 中国工程院院士、清华大学碳中和研究院院长贺克斌：当我们为实现碳中和走向新能源时，实际上，我 们也在解决现有化石能源在未来数百年后会用光的紧迫问题，可再生能源会使我们的资源量得到更可持 续的保障。 上海市发展和改革委员会副主任朱明林：上海能源的绿色转型需要深度融入国家战略，我们抓好"一东 一西"两个绿电的超级工程，一方面向西融入沙戈荒战略，另一方面向东融入海洋强国国家战略。 国家气候变化专家委员会副主任王毅：建立新型能源体系和新型电力系统要先立后破，但是不立就永远 破不了，这个立是非常艰难的改革，不仅 ...

Core Viewpoint - The online discussion held by the China Iron and Steel Association aimed to gather feedback from steel enterprises regarding the carbon quota allocation scheme, which is crucial for the carbon market's operation and directly impacts production costs and strategic planning [1][2]. Group 1: Meeting Overview - The meeting was attended by over 120 representatives from major steel companies, including Shougang Group, Baowu Group, and others, indicating a significant industry participation [1]. - The discussion was led by Jiang Wei, the Deputy Secretary-General and Vice President of the Steel Association, highlighting the importance of the carbon quota allocation as a "lifeline" for the carbon market [2]. Group 2: Industry Implications - The participating companies accounted for 66% of the national crude steel output, suggesting that their feedback reflects the broader industry's needs [2]. - The carbon quota allocation scheme is seen as a mechanism to encourage companies to optimize energy structures and improve efficiency through a "reward and punishment" system [2]. Group 3: Future Actions - Steel enterprises are encouraged to utilize the three-year transition period to enhance their carbon asset management, improve data accuracy, and participate in carbon market trading [2]. - The Steel Association plans to compile and study the suggestions made by the companies and provide timely feedback to the Ministry of Ecology and Environment [2].

Core Viewpoint - Beijing aims to establish its urban sub-center as an international benchmark city for green economy by 2027, focusing on enhancing green innovation capabilities, increasing the number of green enterprises, and boosting the output value of green industries [1][2]. Group 1: Green Innovation and Technology - The city plans to achieve an annual growth of approximately 20% in effective green technology invention patents and establish an international green technology concept verification center [1]. - The administrative office area has achieved 100% green electricity supply, and a new energy system experimental base has been established [2]. Group 2: Green Industry Development - The urban sub-center will support the development of over 300 green enterprises and establish a green industry cluster [1]. - The focus will be on cultivating specialized green industries, including carbon professional services and ESG (Environmental, Social, and Governance) services, to create a carbon market ecosystem and attract international ESG rating agencies [3]. Group 3: Investment and Future Energy - The sub-center will foster green investment and support the development of various green industry investment institutions, particularly in future energy sectors such as superconducting materials and vacuum systems [4]. - There will be an emphasis on enhancing existing green industries, including ecological environment protection and pollution control, as well as the development of carbon capture, utilization, and storage (CCUS) technologies [4]. Group 4: Smart and Connected Vehicles - The urban sub-center will enhance the smart connected new energy vehicle industry, focusing on vehicle electronics and core components to create a comprehensive supply system [5]. - The aim is to attract low-carbon, ultra-low energy consumption, and nearly zero energy consumption building enterprises to strengthen the green construction industry [5].

Core Viewpoint - Lanzhou New Area has achieved significant results in building a modern beautiful new area that harmonizes man and nature, guided by Xi Jinping's ecological civilization thought, with economic growth rates ranking among the top of national-level new areas for eight consecutive years [1] Group 1: Ecological Civilization Construction - Lanzhou New Area integrates ecological civilization construction into all aspects of economic, political, cultural, and social development, establishing an ecological environment protection committee led by top officials [2] - The area has implemented a land space planning that includes key ecological construction zones and has increased ecological forest areas significantly from 72.23 square kilometers to 209.75 square kilometers [2] Group 2: Green and Low-Carbon Development - The area has introduced over 1,300 quality industrial projects with a total investment of 610 billion yuan, focusing on green chemical, new energy materials, advanced equipment manufacturing, and other advantageous industrial clusters [3] - The energy consumption intensity per ten thousand GDP is 0.34 tons of standard coal, lower than the national average [3] Group 3: Environmental Governance and Innovation - Lanzhou New Area has launched the "Green Gold Pass" platform, facilitating over 134 billion yuan in financing for enterprises, promoting industrial green transformation [4] - The area has completed 71 transactions in pollutant discharge rights, with a total transaction amount of 22.659 million yuan [4] Group 4: Environmental Safety and Quality - The area maintains an air quality with over 93% of days rated as good, and water quality at two source sites has a 100% compliance rate [5] - The comprehensive utilization rate of general industrial solid waste is 94%, and hazardous waste is disposed of safely at a 100% rate [5]

Core Insights - The average closing price of national carbon emission allowances (CEA) in May was 70.30 yuan/ton, representing a decline of approximately 13% compared to April's average closing price of 80.87 yuan/ton [1] - The carbon price in May exhibited a fluctuating downward trend, starting from 71.35 yuan/ton at the beginning of the month and gradually decreasing to a monthly low of 67.91 yuan/ton by the end of May [1] - As of the end of May, the national carbon emission allowance price has decreased by 35% from the historical peak of 106.02 yuan/ton recorded in November of the previous year, with a decline of about 30% occurring since the beginning of this year [1]

Core Viewpoint - The African Development Bank (AfDB) is establishing a "Support Mechanism for the African Carbon Market" to enhance the carbon credit market in Africa, aiming to mitigate the impacts of climate change such as droughts and storms [1][2]. Group 1: Carbon Market Development - The mechanism is currently in the design phase and will focus on two main areas: assisting governments in formulating carbon trading policies and regulations, and promoting the growth of carbon credit supply and demand along with necessary market infrastructure [1]. - Carbon credits, generated through projects like afforestation and wind energy, can be traded to help countries or companies meet their climate goals. Currently, most African carbon credits come from forestry, land use, and agricultural projects, primarily traded in voluntary markets at low prices [1]. - If African carbon credits can be integrated into compliance markets, their prices could potentially increase up to tenfold from current levels [1]. Group 2: Urgency and Financing - Developing the carbon market is deemed an urgent priority for Africa, which, despite contributing only 1% of global carbon emissions, faces severe weather threats due to climate change [2]. - The launch of the carbon market mechanism aims to enhance the value and revenue of carbon credits in Africa, opening new pathways for green development and sustainable financing [2].

Report Title - EU Carbon Market Quotation Briefing (Issue No. 90, 2025) [1] Release Date - May 29, 2025 [2] Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Core View - The MSR absorbs auction quotas again, and EUA strengthens against the trend [2] Market Conditions Primary Market - The auction price is 70.54 euros/ton (-1.36%), and the bid coverage ratio is 1.87 [2] Secondary Market - The EUA futures settlement price is 72.07 euros/ton (0.43%), and the trading volume is 24,200 lots (-0.08) [2] Core Logic Bullish Factors - The latest CoT report shows that the net long positions of investment funds increase by 1.026 million tons [2] - The European Commission announces the annual EUETS surplus indicator (TNAC). In 2024, the TNAC is about 1.148 billion tons. From September 2025 to August 2026, about 275 million tons of quotas will be extracted from the auction volume to the Market Stability Reserve (MSR) [2] - The US Federal Trade Court rules that Trump's imposition of comprehensive tariffs on imported products is illegal and gives the government 10 days to revoke all tariffs [2] Bearish Factors - No new bearish factors [2] Other Information - Russia proposes to hold the second round of direct Russia - Ukraine negotiations in Istanbul, Turkey on June 2, 2025, clarifying Russia's conditions for a lasting peace agreement (including halting NATO's eastward expansion) [3] Data Tables and Charts Chart 1 - Displays EUA's latest auction market information including CBAM certificate price, EUA auction price, auction volume, bid coverage ratio, and auction revenue [4] Chart 2 - Shows the seasonal chart of EUA auction price trends [4] Chart 3 - Presents the seasonal chart of EUA auction bid coverage ratio [4] Chart 4 - Provides EUA's futures and spot market information such as futures settlement price, trading volume, open interest, spot settlement price, spot trading volume, container shipping carbon cost, and freight ratio [5] Chart 5 - Illustrates EUA's futures and spot prices and basis [5] Chart 6 - Displays the seasonal chart of December contract open interest [5]

Core Insights - The report focuses on the latest developments in the "dual carbon" field, including carbon neutrality policies, local dynamics, and corporate practices [1] Carbon Market Developments - The UN has approved two key rules under Article 6.4 of the Paris Agreement to guide greenhouse gas reduction projects, establishing a clearer and more executable global carbon market framework [3] - The EU and the UK have committed to connecting their carbon emissions trading systems (ETS) to promote net-zero emissions and prevent carbon leakage, allowing mutual recognition of emission allowances [4] Methane Emission Control - The Ministry of Ecology and Environment in China aims to advance methane emission control in key sectors, emphasizing the importance of managing methane as a potent greenhouse gas [5] - Strategies include implementing standards for coalbed methane emissions, enhancing infrastructure for methane monitoring, and increasing public awareness of methane control [5] Local Initiatives - China's first offshore carbon capture, utilization, and storage (CCUS) project has been launched, marking a significant step in marine carbon storage and utilization [6] - The project captures CO2 from oil field development and injects it underground, creating a new model for marine energy recycling [7] Biodiversity and Sustainability Efforts - An event for International Biodiversity Day was held in Yichun, China, focusing on biodiversity protection and sustainable use, highlighting the importance of biodiversity for human well-being [8] Corporate Practices - A sustainable social value ecosystem was initiated by companies including Yili, Tencent, and Lenovo, promoting sustainable development principles and social responsibility [9] - The Southern Power Grid has published 14 near-zero carbon demonstration zones, providing models for energy sector low-carbon development [10] - A seminar on low-carbon power supply discussed the marketization of electricity prices for renewable energy, emphasizing the need for market adaptability among renewable enterprises [11][12]

Core Insights - The recent forum on "Progress and Challenges of Carbon Markets in Supporting Low-Carbon Transition" highlighted the significant advancements in China's carbon market, which has shown stable growth and operation in recent years [1][3]. Carbon Market Development - China's carbon market consists of two main components: the national carbon emission trading market launched in July 2021 and the national voluntary greenhouse gas reduction trading market initiated in January 2024, forming a comprehensive carbon market system [3]. - The carbon emission trading market saw a notable increase in quotas, trading volume, and transaction value in 2024, with carbon prices exceeding 100 [3]. - The overall compliance rate for 2024 reached an impressive 99.98%, indicating enhanced market vitality [3]. Data Quality and Management - Significant improvements have been made in carbon data quality management, which is crucial for the healthy operation of the market. This includes the implementation of a three-tier review mechanism and the use of big data for carbon management [3][4]. - The current data quality is deemed sufficient to support the market's operational needs [3]. International Recognition and Collaboration - The carbon market has effectively enforced carbon reduction responsibilities among key industries, promoting low-carbon transformation and new productive forces, gaining recognition from countries like the UK, Brazil, and Turkey [4]. - The carbon market serves as a platform for China to showcase its proactive climate change strategies to the international community [4]. Climate Financing and Future Directions - The Ministry of Ecology and Environment has been actively promoting climate financing development, establishing a collaborative framework involving multiple departments and sectors [4]. - The carbon market is becoming a primary mechanism for carbon pricing in China, providing price signals that influence corporate investment decisions towards green and low-carbon development [4][5]. - Future efforts will focus on enhancing the national carbon market's design, managing data, and expanding trading participants and methods to further boost market vitality [5].

Core Insights - The report highlights the collaborative advancement of ESG policies, market practices, and technological innovations in overseas markets, with the EU easing CBAM rules for SMEs while maintaining a 99% emissions coverage rate [2] - In China, the State Council approved the "Manufacturing Green and Low-Carbon Development Action Plan (2025-2027)", driving the green transformation of the manufacturing sector [2] - The report discusses significant academic research indicating that incorporating ESG factors into asset pricing models can more accurately reflect asset values, while also noting a lack of systematic impact of ESG investments on stock performance over the past two decades [2] Overseas ESG Events - ReNew Energy Global committed $2.5 billion to build one of India's largest hybrid renewable energy projects, which will generate 2.8GW of power [2][6] - Masdar raised $1 billion through green bonds to fund renewable energy projects, with total funding under its green bond program reaching $2.75 billion since 2023 [2][6] - Blackstone Infrastructure announced the acquisition of TXNM Energy for $11.5 billion, emphasizing a commitment to clean energy transition [2][6] Domestic ESG Events - The Tibet Autonomous Region facilitated green electricity trading, reducing carbon emissions by 20,600 tons and generating economic benefits of 6 million yuan [2] - Beijing's sub-center green heart park received carbon neutrality certification, marking a significant achievement in the domestic power sector [2] - Jiaao Environmental Protection became the first company in China to obtain a bio-jet fuel export license, entering the international market [2] Academic Frontiers - Research published in "Finance Research Letters" indicates that stochastic ESG scores and non-pecuniary ESG preferences significantly influence asset pricing [2][4] - A study in the "Journal of Corporate Finance" found no significant correlation between ESG ratings and stock returns over the past two decades, suggesting limited impact from national ESG regulations [2][4] - Another study highlighted that institutional investors' ESG concerns lead to increased depth and breadth in corporate ESG disclosures during site visits [2][4]